GOP Rep. Broun Concealed Large Personal Loan
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UPDATED: Apr 12, 2012
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An investigation of Rep. Paul Broun (R-Ga.) was called on Thursday over allegations that his 2007-2008 campaign committee hid the source of a personal loan worth at least $300,000.
The Citizens for Responsibility and Ethics in Washington (CREW) said that Broun told the Federal Election Commission (FEC) that the $300,000 was derived from a personal loan taken out in his own name.
“The problem, however, is that even if Rep. Broun’s new version of events is true, failing to tell the FEC you are financing your campaign in part with bank loans is illegal,” said CREW Director Melanie Sloan in a statement.
Additionally, it’s believed that Broun was a part-owner of the bank he lent the personal loan from. If this is indeed true, CREW alleges Broun would have made a profit of $29,000 in interest off of his own personal loan used for his campaign.
The Georgia-based bank, The Carrollton, failed in 2010, and CREW is now investigating Broun’s vested interest in the bank at the time he financed the money.
All candidates are required to disclose the collateral used to secure a loan, and to reveal all of the details on any loan used to fund a campaign. Those details include the source of the money, the amount of money received, and when the money was lent.
Broun, who was originally a Democrat that turned Republican in the 1980’s, won Georgia’s House of Representatives election in 2007, and was sworn into office on July 25, 2007.
CREW is a non-profit government watchdog dedicated to holding politicians accountable for their actions. They claim to be bipartisan and attempt to shed light on politicians who act outside of the law.